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Second Home Mortgages
Our Second Home Mortgage is designed to support customers who are purchasing a second home or residential property that will be used as a commuter home, a weekend home or a home for dependents to live in.
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Second Home - 2 Year Discount 85% LTV
Initial Interest Rate
6.14%
Maximum Loan To Value (LTV)
85%
Overall Cost for Comparison
8.00%
Product Code
DP221
The following is a representative example based on a mortgage of £230,000 payable over 25 years initially on a discounted variable rate of 6.14% for 2 years, a further discounted variable rate of 7.34% for 4 years, followed by our Standard Variable Rate of 8.59%. In this example you would make 24 monthly payments of £1,501.64, 48 payments of £1,665.74 and 228 monthly payments of £1,822.43.
The total amount payable would be £532,832.92 made up of the loan amount plus interest of £301,508.92 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£225.00), and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 8.0% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.